Former CBN Gov, Emefeile released, rearrested

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The former Governor of the Central Bank of Nigeria CBN Godwin Emefiele was released Thursday night by the Department of State Services (DSS) but was immediately rearrested by the operatives of Economic and Financial Crimes Commission (EFCC).

It was reported that “Emefiele regained his freedom last night but he was immediately picked up by operatives of the Economic and Financial Crimes Commission,” a top security source told the media..

It was learnt that the Presidency directed the EFCC to take over the case.

Recall that the DSS arrested Emefiele in June, on the same day President Bola Tinubu, suspended him from office with immediate effect.

It was also reported that Emefiele was suspended “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

A release by Willie Bassey, the Director of Information, for the Secretary to the Government of the Federation, George Akume, has also said, “Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.”

In February there were reports of how the DSS attempted to arrest Emefiele when Muhammadu Buhari was Nigeria’s president, but the then-Chief of Defence Staff, Gen Lucky Irabor, shielded him by providing soldiers to guard his residence and office.

The DSS had said it intensified its investigations in order to arrest and prosecute Emefiele, on allegations of terrorism financing and fraud.

It was also reported that Emefiele was set to be released from detention by the DSS after entering into plea bargaining with President Bola Tinubu’s administration but the non-prosecution plea bargain for Emefiele was premised upon the former governor’s willingness to return N50 billion which he had corruptly amassed.

Emefiele and his associates were set for arraignment on N6.9 billion procurement fraud at the Federal Capital Territory High Court in August but the arraignment was stalled.

Sources had hinted that Emefiele’s arraignment was stalled because the Attorney General of the Federation, Lateef Fagbemi (SAN)    was awaiting Tinubu’s approval for it after signing the non-prosecution plea bargain. President Tinubu was out of the country at the time.

Emefiele faced 20 counts of conspiracy and procurement fraud levelled against him by the Nigerian government.

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